Latest on Regulation & Reform – Page 400
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Lords confirm SRI can be applied in UK pensions
[16:00 CEST 09-10] UK – Members from the UK’s upper parliamentary house have clarified pension fund trustees are legally allowed to consider responsible investment in any of its decisions concerning assets held by the fund.
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Finland to create pensions working group
[15:15 CEST 09-10] FINLAND – The Finnish minister for social affairs and health has confirmed the government intends to set up a working group to study the regulation and supervision of investments, including pension funds.
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Jeannie Drake is acting chair of PADA
[11:20 CEST 09-10] UK - James Purnell, secretary of state for work and pensions, has confirmed Jeannie Drake will temporarily replace Paul Myners as chair of the Personal Accounts Delivery Authority (PADA).
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Solvency Rapporteur suggests 'clean sheet' on pensions
[17:10 CEST 08-10] EUROPE – The European Parliament member tasked with delivering a consensus on the Solvency II directive has called on the European Commission to start afresh in its search for a pensions solvency regulatory solution which recognises pensions provision has to be suitably funded.
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Trustee firms shown alternative route for conflict compliance
[12:30 CEST 08-10] UK – Company directors, including those of pension trustee companies, should look at meeting new conflict of interest rules concerning pensions by gaining authorisation from shareholders rather than other directors, Allen & Overy has suggested.
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IGG to take responsibility for Myners
[16:45 CEST 07-10] UK – The government has confirmed it will go ahead with the establishment of a joint government-industry Investment Governance Group (IGG) to oversee the updating and development of the Myners principles.
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Criticism of IASB shifts to its corporate structure
[16:30 CEST 07-10] GLOBAL - Swiss pharmaceutical and diagnostics giant Roche has slammed proposals by the IASB's parent body, the International Accounting Standards Committee Foundation, to create a seven-member oversight body comprised mainly of securities regulators to oversee the activities of the IASCF's trustees.
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Europe shouts 'no' to IASB's proposed pensions reforms
[17:00 CEST 03-10] EUROPE – European pension funds have collectively given a strong thumbs-down to key proposals set out by the International Accounting Standards Board (IASB) on pensions accounting reforms, and even argue the initial review creates more problems than it solves.
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Irish reform consultation lacks consensus
[16:00 CEST 03-10] IRELAND – The Green Paper consultation process outlined last year concerning pension reforms has revealed a "general lack of consensus" over the next steps regarding pensions, according to a government report.
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EC to test feasibility of pan-EU researchers' pension
[17:05 CEST 02-10] EUROPE – The European Commission is seeking a contractor to conduct a feasibility study into the potential for developing a pan-European pension fund for researchers working across the EU.
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EC fancies monitoring role of private pensions
[16:50 CEST 02-10] EUROPE – Charlie McCreevy, European Commissioner for internal markets, today argued the European Commission (EC) should have a monitoring role in the European private pensions markets.
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TPR conflicts guidance falls short on 'thorny' issues
[16:50 CEST 02-10] UK – The Pensions Regulator's (TPR) final trustee guidance on conflicts of interest places more emphasis on education and support than in offering "real conclusions" on difficult issues such as the disclosure of confidential information, Sacker & Partners has claimed.
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NAPF commentary on amendments to IAS 19 Employee Benefits
The launch of the International Accounting Standards Board (IASB)’s Discussion Paper was overshadowed by the earlier Discussion Paper on pensions accounting from the UK’s Accounting Standards Board (ASB).
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NAPF queries IASB's 'radical tidying' of pensions accounting
UK – The National Association of Pensions Funds (NAPF) has attacked proposals from the International Accounting Standards Board to change the way employee pensions are accounted as being pre-emptive and of being far more radical than what was supposed to be an interim assessment of a larger review.
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Capital guarantee hinders pensions – analyst
[16:30 CEST 30-09] EUROPE – Institutional investors in Europe are hindered by guarantees to grow returns and in their ability help stabilise capital markets, according to Peter Brezinschek, chief analyst of Raiffeisen Zentralbank (RZB).
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Greece begins final phase of pension fund mergers
GREECE - The Greek Ministry of Labor and Social Security is pushing through the third and last restructuring phase for the local public pension system tomorrow by merging the 133 current funds into 13 new ones.
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TPR could be 'stumbling block' to M&A
[17:05 CEST 29-09] UK – The UK Pension Regulator (TPR) should take a long-term view on pension funds before curtailing corporate activity by intervening in takeovers where pensions-related issues arise, consultancy firm Aon has warned.
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NewsNew face to take on IASB pensions review
[16:30 CEST 26-09] GLOBAL - The International Accounting Standards Board (IASB) has moved to reassure constituents its pensions accounting project has adequate staffing following the departure last week of project team member Jenny Lee.
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PADA’s Jones urges employers to use personal pccounts
[17:10 CEST 25-09] UK – Tim Jones, the chief executive of the Personal Accounts Delivery Authority (PADA), today urged employers to use the government’s Personal Accounts alongside auto-enrolment when they are introduced in 2012.
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EC to regulate rating agencies
[16:30 CEST 25-09] EUROPE – European Commissioner for internal markets DG Charley McCreevy is set to unveil proposals for the regulation of ratings agencies but has warned against blaming hedge funds and private equity for recent troubles in the financial markets.
